Tanzanian Royalty to Expedite Mine Development at Newly Acquired 2.0 Million Ounces Buckreef Gold Project
26 April 2011 - 6:07AM
Business Wire
Because of the recent increase in gold resources to 2.0 million
ounces at the Company’s newly-acquired, fully licensed for mining
Buckreef Gold Project, Tanzanian Royalty has decided to expedite
its proposed mine development program for the advanced stage
project. In addition, the Company will accelerate exploration
within target rich areas in order to increase the project’s
existing resource base.
The following update is part of a thorough review by the Company
of previous work conducted by IAMGOLD Corporation on the Buckreef
property prior to its acquisition by Tanzanian Royalty. This
comprehensive technical review has increased our understanding of
the geological controls at Buckreef along with the various styles
and continuity of mineralization on the property.
“Based on what we see after the detailed technical review, I
genuinely believe we can now significantly accelerate our expected
gold production plans and simultaneously increase resources,” said
Jim Sinclair, the Company’s President and CEO. “With the positive
developments we are seeing today, we are confident in the potential
to grow exponentially.”
“We have already seen a 30% increase in our gold resources (see
April 15, 2011 News Release) based on the improved economics of our
project generated by higher gold prices,” he added.
The aggressive exploration program the Company is planning will
utilize additional drilling and testing equipment that has become
available under its agreement with the State Mining Company of
Tanzania.
As a result of these exciting developments, the Company has
decided to consolidate its mining and exploration activities at the
Buckreef site. All staff members in Mwanza will be relocated to the
Buckreef Camp which already has significant infrastructure in
place. This will allow the Company to concentrate resources, skills
and experience, maximizing the potential of this extremely
important asset.
The Company is also pleased to announce that the bulk sampling
program at Kigosi has been completed and the sampling plant is
being moved to Buckreef in conjunction with the purchase of new
process equipment to accommodate the mining of gravel resources at
all three of our major sites: Buckreef, Kigosi and Lunguya.
Expanded exploratory drilling to further increase resources will
also continue at these and other company properties which all have
exciting up-side potential. Tanzania has become one of Africa’s
fastest emerging gold producers and is now the continent’s fourth
largest gold producing country behind South Africa, Ghana and Mali.
Large scale mines in the Lake Victoria Goldfields area surrounding
Buckreef include Barrick’s Bulyanhulu mine and Anglogold Ashanti’s
Geita mine.
Respectfully Submitted,
James E. Sinclair
President and Chief Executive Officer
For further information, please contact
Investor Relations at 1-800-811-3855
Visit our website:
www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE Amex
Equities have not reviewed and do not accept responsibility for the
adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States
Securities and Exchange Commission limits disclosure for U.S.
reporting purposes to mineral deposits that a company can
economically and legally extract or produce. We use certain terms
on this news release, such as “reserves”, “resources”, “geologic
resources”, “proven”, “probable”, "measured", "indicated", or
"inferred" which may not be consistent with the reserve definitions
established by the SEC. U.S. Investors are urged to consider
closely the disclosure in our Form 20-F, File No. 001-32500.
You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on numerous assumptions, and
involve known and unknown risks, uncertainties and other factors,
including risks inherent in mineral exploration and development,
which may cause the actual results, performance, or achievements of
the Company to be materially different from any projected future
results, performance, or achievements expressed or implied by such
forward-looking statements. Investors are referred to our
description of the risk factors affecting the Company, as contained
in our Form 20-F, File No. 001-32500, for more information
concerning these risks, uncertainties, and other factors.
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